"There are way too many companies that reported during this period that saw growth," he said on "Squawk on the Street." Cramer said he simply doesn't see the downward trend in individual companies, for instance Caterpillar, which he said should be trading at $70 if the number were truly indicative of what's going on in the economy.

"I think that if you base any investment decision on this, you should have shorted this morning. That's what you do when when you have a no-growth market," he said. "Stocks were saying that this wasn't a 'true' number," suggesting that data from individual stocks don't support a sustained decline in macro growth.

"This is a shocker," he said, citing recent earnings reports, "It's as much of a shocker as China is coming back, or that Europe has stabilized." At the same time, he added that Ford's disappointing numbers out of Europe this week ran contrary to the idea the continent was on the mend.

Jim Cramer

Stocks Cramer was talking about Wednesday morning:

Research in Motion: "This is a make or break product for Blackberry," he said. "The erosion must be stopped. the share take from Apple must be stopped. These devices might cause technology officers at companies to take a hard look before shifting to Apple," he said.

Amazon: The online retailer moved to all-time highs after missing earnings after higher margin businesses showed promise. Cramer said "this stock is going up" because of Amazon's line in the earnings report. Analysts are looking for a reason to raise their price target, there are very few companies like Amazon, he said. "No one is competing with Amazon in the world." he said.

"[McClendon] truly did believe that this would be the year that natural gas prices will go up," said Cramer. "It just seems like another year where that's not going to happen." On rumors that Chesapeake is a takeover target, Cramer said "this is a company built on joint ventures, it's a very hard company to take over. It's still levered to natural gas so it has to keep selling assets to hit cash flow numbers."